It’s time to take a look at a fledgling but fast-growing crypto exchange, WhiteBIT, which continues to climb the ratings of trading platforms.
So let’s talk about WhiteBIT. We thoroughly researched the functionality of the exchange to let you know about its services, pros and cons.
History of WhiteBIT
The history of the exchange began relatively recently, in 2018. The company was founded by entrepreneur Volodymyr Nosov, today’s CEO, in Kharkiv, Ukraine.
The platform acquired two European licenses and is actively developing its functionality and markets. It is now available in 150 countries, has over 2.5 million users and is considered the largest crypto exchange in Europe.
products and services
During its existence, the exchange has implemented a number of products that are available to crypto investors with different backgrounds and goals. We will briefly go through each of them and highlight the most important ones.
The trading interface of the web version of the exchange has two types: Basic Trading and PRO Trade. Basic Trading, as the name suggests, is intended for users who are just starting out with the platform and cryptocurrency in general.
On this page you will find a chart, order book and trading history of the selected trading pair. Here you can also switch to another trading pair and view the same data about it.
It is very convenient that you can view your main and trade balance on this page to manage your wealth properly.
The pair table has many settings that are difficult to list here. Among them you will also find drawing tools that can be very helpful in technical analysis.
Let’s get to the main part. Below the chart are two blocks: for buying and selling the selected asset. Here you can select one of 6 trade orders, fill in the fields specifying the asset and price and confirm the application. You can find all your active orders just below these blocks.
In this section, as well as in PRO trading and margin trading, you can rearrange the blocks yourself to make the interface as convenient for you as possible.
The trading fee on WhiteBIT is only 0.01%. The number of trading pairs exceeds 400.
In the PRO version, only a few main blocks are left, and the rest is hidden in tabs. It helps professional traders to focus on the most important things, but beginners will find it difficult to find what they need right away on the screen.
The margin trading interface almost copies the PRO trade section with a few exceptions. On this page, users can select the leverage, see additional information about fees and use the calculator to find out the potential profit.
WhiteBIT now has up to 20x leverage for margin trading, and the fee for using leverage is 0.098%.
It is a very convenient section for those who want to change cryptocurrency quickly and easily without dealing with the order creation process. Users just need to select currencies, enter the amount of one of them and confirm the exchange. The operation is carried out immediately at the market price.
For P2P trading, WhiteBIT set up a separate platform, Bitcoin Global. You need to create a separate account, after that you can trade directly with other users.
You can use the filter by choosing crypto, location and payment method or post your own offer. During trading, assets are locked in a secure escrow system to avoid fraud by either party.
P2P functionality is also represented by WhiteBIT codes that users can generate and send to each other, thus transferring assets free of charge.
Futures only recently appeared on WhiteBIT and are currently represented by the BTC/PERP pair. These are perpetual futures contracts with no exact expiration date and with a special mechanism that ensures that the price of the asset on the futures market approaches the spot price.
Users can use leverage, and the fee for using leverage is not paid to the exchange, but to each other.
This exchange really doesn’t forget to entertain its users. Several sweepstakes or competitions for every taste run in parallel on WhiteBIT.
Trading competitions held in partnership with various crypto projects are particularly popular. Even a separate section for this activity has been placed in the stock market app.
Anyone can show off their trading skills in competitions by getting the largest trading volume on a given pair. Users who enter the top-20 will receive rewards in the project’s crypto, depending on their place in the ranking.
It’s a good way to hone your skills and earn when a worthy reward is at stake.
Some WhiteBIT products deserve special attention as they are not common to every crypto exchange. That’s why we decided to take a closer look at them so you don’t overlook them among other services.
One of these products is the demo token. These are free tokens that you can use to practice trading and explore the functionality of the exchange. There are two types of demo tokens: DBTC and DUSDT, which are demo versions of BTC and USDT, respectively.
You can get a demo token in the WhiteBIT Codes section and trade it with the DBTC/DUSDT pair in the Basic or PRO Trade section.
It is another outstanding exchange product that allows you to earn passive income in cryptocurrency with really high interest rates.
It looks like an analogue of a bank deposit. Users deposit funds into a SMART staking plan and earn interest after the plan expires. What’s more, the plan can be canceled at any time and the balance will be rebalanced immediately. In this case, however, you will not make a profit.
The duration of the plans can be 10, 20, 30, 90, 180 or 360 days and the interest rates can reach 30% per year. The longer you keep the money, the higher the rate.
Let’s take a look at the interest rates of the most popular assets: USDT – 30% per year; BTC, ETH, SOL, XRP, DOGE – 28% per year.
As you can see they are much higher than most other staking platforms offer. Essentially, SMART staking is crypto lending, and such high interest rates are backed by funds from margin trading.
Perhaps the only downside is that you cannot deposit again into the same plan until it expires. However, this is fully offset by the availability of alternatives and high interest rates.
Deposits and Withdrawals
You can make deposits and withdrawals at WhiteBIT in both cryptocurrency and fiat. There are currently 4 national currencies available on the exchange: USD, EUR, UAH and KZT. Plus, you can use 30+ fiat currencies to buy crypto with a credit card or e-wallet.
Users can withdraw assets in crypto wallets, e-wallets, bank cards or use the exchanger.
There are no fees for deposits in almost all currencies. However, there are minimum deposit amounts that are different for different assets.
When withdrawing funds, there are not only minimum withdrawal amounts, but also withdrawal fees, which also vary for different assets. For example, the minimum USDT withdrawal amount is 10 USDT and the fee is 1 USDT.
Please note that fiat currency operations are only available to users who have passed identity verification. Also, the withdrawal limit for unverified users is 2 BTC per day and for verified users is 100 BTC.
Ordinance and Headquarters
WhiteBIT has offices in 8 countries. WhiteBIT is regulated by European exchange and custody licenses.
A high level of security is the real pride of WhiteBIT. It has an AAA rating and the exchange is ranked in the top 3 safest trading platforms and in the top 2 most secured exchanges by CER based on an independent hack audit.
The exchange is AML compliant and 96% of assets are stored in cold wallets. In addition, WhiteBIT offers many additional layers of security, from automatic logout to AML verification of crypto addresses.
24/7 customer service
The support service is another benefit of the exchange. The customer support team responds to messages and resolves issues in no time. You can also contact support in the WhiteBIT community chat, where the community managers address each of your issues promptly and individually.
WhiteBIT customer support is available 24/7 and supports in 8+ languages.
WhiteBIT: Pros and Cons
Well, it’s time to recap the pros and cons of the exchange that we identified while compiling this report.
- High security level;
- Low trading fees;
- Beginner-friendly interface of the basic trading site;
- Passive income option with high interest rates;
- Over 400 trading pairs;
- Demo tokens to practice trading;
- Fiat gateway;
- Large trading volume and high liquidity.
- No call center for customer support;
- Not enough pairs for margin and futures trading.
We hope this review was informative enough and helped you decide whether trading on WhiteBIT is worth it.
All information contained on our website is published to the best of our knowledge and for general information purposes only. Any actions taken by the reader based on the information contained on our website are entirely at your own risk.